Syms Corp Reports First Quarter 2011 Financial Results

SECAUCUS, N.J., July 8, 2011 /PRNewswire/ -- Syms Corp (NASDAQ: SYMS) (the "Company"), a leading off-price retailer, announced results today for its first quarter ended May 28, 2011.

For the first quarter (13 week period) ended May 28, 2011, the Company had net income of $1.5 million ($0.10 per share) as compared to a net loss of $0.8 million ($0.06 per share) for the first quarter ended May 29, 2010.

Net sales decreased by $16.0 million or 13% to $105.4 million during the thirteen weeks ended May 28, 2011. Sales were $121.4 million in the comparable period last year.  

As of May 28, 2011, the Company and its wholly-owned subsidiary Filene's Basement, LLC collectively owned and operated 47 "off-price" apparel stores located predominantly on the east coast of the United States under the "Syms" name (which, together with co-branded Syms/Filene's Basement stores, are owned and operated by the Company) and the "Filene's Basement" name (which are owned and operated by Filene's Basement, LLC). Each Syms and Filene's Basement store offers a broad range of first quality, in season merchandise bearing nationally recognized designer and brand-name labels.

Forward-Looking Statements

Certain information in this press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) and information relating to Syms Corp and its subsidiaries that are based on the beliefs of Syms' management, as well as assumptions made by and information currently available to Syms' management. When used in this press release, the words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions as they relate to Syms Corp and its subsidiaries, identify forward-looking statements. Such statements reflect the current views of Syms Corp with respect to future events, the outcome of which is subject to certain risks, including, among others, general economic and market conditions, decreased consumer demand for Syms' and Filene's Basement's products, possible disruptions in Syms' computer or telephone systems, possible work stoppages or increase in labor costs, effects of competition, the impact of integrating Filene's Basement's business and Syms Corp's existing business, possible disruptions or delays in the opening of new stores or inability to obtain suitable sites for new stores, higher than anticipated store closings or relocation costs, higher interest rates and borrowing costs, unanticipated increases in merchandise or occupancy costs, and other factors which may be outside control of Syms Corp. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein as anticipated, believed, estimated, expected, intended or planned. Subsequent written and oral forward-looking statements attributable to Syms Corp or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements in this paragraph.

For further information, please contact Davia Temin of Temin and Company at (212) 588-8788.

SOURCE Syms Corp